Employment vacancies at U.S. businesses unexpectedly surged in August, a sign that the labor market remains tight and robust despite the Federal Reserve's efforts to slow the economy.
Job openings totaled 9.61 million for the month, a jump of nearly 700,000 from July and well above the Dow Jones estimate for 8.8 million,Hires, however, rose only modestly, moving up to 5.857 million, an increase of just 35,000. Much of the increase in openings came in professional and business services, which showed a burst of 509,000.Stocks fell following the report as a tighter labor market could put more pressure on the Fed to keep interest rates elevated. The Dow Jones Industrial Average most recently was off more than 260 points on the session.
Quits, a measure of worker confidence in finding a new job after leaving a previous position, were little changed. That also was the case with total separations and layoffs.